Volunteers of America

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Withdrawals & loans

Accessing your money before retirement

Access to your contributions
Generally, the money in your account may be distributed* under any of the following circumstances.
  • Separation from service
  • Your retirement
  • Total disability
  • Financial hardship (employee contributions only)
  • Your death
* Income taxes are payable upon withdrawal. Federal restrictions and a 10% tax penalty may apply to withdrawals prior to age 59½.
Minimum distributions
You are required to begin taking minimum distributions by the later of the year in which you attain 70½ or retirement.
Hardship withdrawals
The Volunteers of America National Retirement Savings Plan provides for hardship withdrawals from your contributions only (not employer contributions). A hardship is defined as an immediate and heavy financial need for which you lack other reasonably available resources. A hardship withdrawal may be approved for immediate and unreimbursed medical expenses for you, your spouse or dependents, the purchase of your principal residence, payment of college tuition for you, your spouse or dependents, and payment to prevent eviction from or foreclosure on the mortgage on your principal residence. Hardship withdrawals may be taken only from employee elective contributions in your account. For more information regarding specific hardship withdrawal provisions, call VALIC by Phone at 1.800.448.2542.

Remember that income taxes are payable upon withdrawal. Federal restrictions and a 10% tax penalty may apply to withdrawals prior to age 59½.
Tax-free loans
The Volunteers of America National Retirement Savings Plan tax-free loan provision enables you to access a portion of your account without permanently reducing your accumulated balance or incurring federal income tax-free or early withdrawal penalties. The minimum loan amount is $1,000, and you can have one outstanding loan at any given time. Loan repayment is by payroll deduction.

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